Professional Mortgages: Access Exclusive Mortgage Rates

How Are Professional Mortgages Assessed?

Mortgage Lenders have certain criteria around which professions they specifically support with exclusive mortgage ranges.  For example, there are specific lenders for teachers, and entirely different ones for NHS. However, the assessment they apply across each is pretty similar for when it comes to assessing who qualifies.

• You will be assessed on how you are paid, not just your job title
• Overtime, allowances and bonuses all count, with the right documentation required
• Some lenders consider future earning potential for clear career paths and trajectory
• In niche cases, higher income multiples may apply for certain professions, subject to policy
• Some lenders run specific product ranges for fully qualified professional roles
• Low deposit routes may be available, depending on your credit file and affordability (Armed Forces Schemes)
• A smaller part of the mortgage market offers very high LTV options for specific groups, with strict criteria

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Exclusive Mortgage Rates for Qualified Professionals

• Accountants
• Actuaries
• Architects
• Armed Forces
• Barristers
• Chartered Surveyors
• Dentists
• Engineers
• Financial Advisers
• Medical (Ambulance, Doctor & Nurse)
• NHS/Keyworkers
• Optometrists
• Pharmacists
• Pilot
• Police
• Solicitors
• Teachers
• Veterinarians

I ended up with a really good rate and would now never go anywhere else. First class service from start to finish!

How does this help professionals – are there different mortgage products for professionals compared to other people?

This type of mortgage is offered by specific lenders, so is not available from every lender. These lenders are a mix of high street lenders (standard rates) and specialist lenders (slightly higher rates). They are still standard mortgage products, but the difference comes down to the appetite of the lender and the profile of yourself, which they see as lower risk. So the mortgage itself is still a standard mortgage, but they usually allow professionals to borrow more than a standard mortgage, which of course can help you purchase a higher valued property.

What if it is a joint mortgage? Do we both need to qualify?

No. The great element of criteria offered by most of our mortgage lenders, is that they will apply the higher income calculations on both applicants, but only ONE of you needs to meet the professional criteria.

Are affordability tests different for professional mortgages?

No, affordability tests are still the same and every mortgage needs to be within your financial circumstances. Everything we offer is suitable, affordable and sustainable, however, you will be able to afford more with a career path that has a proven track record for increasing salaries. This can be taken into account and you can therefore get more flexibility with certain lenders who know that you are secure in your profession.

What are the key aspects of professional mortgages?

As mortgage lending is base on affordability – the lender will look at a variety of factors (income, age,debt, dependents etc) and will then work out how much they feel is affordable for you to borrow. With standard mortgage calculations, borrowing is usually capped at around 4.5 to 5.5 times your salary.

However, some mortgage lenders will increase this to 6 times your salary for the right professionals. 

How do I qualify for a professional mortgage?

Criteria is different for every lender and every product. We have specialists across all types of scenarios to ensure our customers have the best chance of qualifying for the mortgage they need. Just like any mortgage, qualifying for a professional mortgage is based on affordability and other factors above.

For these though, if you work in one of the listed professions above, and provide us with some basic information about your salary, deposit and credit file, we can quickly establish which mortgage lenders are right for you.

How paperwork do I need?

• ID Verification (Passport or Drivers License) 
• Payslips if employed or tax returned if self employed
• Bank Statements 

How would I use a mortgage broker for professional mortgages?

As well as all the reasons listed above, you can read our article here on the 8 main reasons to use a mortgage broker. 

Your mortgage adviser will have extensive knowledge and experience with applying for these sorts of mortgages and would be able to guide you every step of the way. Independent, trusted mortgage advice. We work for you, not the lender!